Usually, it is technology that creatively destroys any old method of doing a task. With blockchains, it is technology that has disrupted technology! Everyday we hear news about hackers based in far off countries, who steal data, money, financial information, identities and anything else that is valuable and online. These hackers just need to be successful once in order to make a few hundred million and retire for life. However, this hack could potentially spell doom for an organization and its employees due to its liabilities to its consumers. Blockchains are changing the way the networks and organizations are protected.
Blockchains are primarily a peer to peer system which allows people to share valuable information and data. This data is not controlled by any single person or authority as is the case with traditional servers and data centres. This data cannot be changed without the permission of all the people connected or related to the database. In short, one would need to hack into every single system in order to steal information as opposed to one server which hackers do these days. Bitcoins, which are based on blockchain networks, are yet to be hacked into!
Blockchains can function smoothly as a peer to peer network without any need to have a central server. This system, depending on the number of users, is sometimes much stronger than a system with a central server.
Blockchains are of immense importance for India as we move towards becoming a cashless and a digital economy. With an emphasis on growing our economy digitally, we also need to keep an eye on securing it and we need to do that fast. Blockchains, with a comparatively low cost of setting up and better security support can surely help us become an advanced economy. We currently do not have a lot of infrastructure and trained human capital for the same and the need for it is growing exponentially.